Bitcoin Price Analysis: Could Three Times Be the Charm for This Resistance Level?
Bitcoin Schmitcoin's original article for bitcoinmagazine.com reduced by 52%
The black level outlined above represents the preliminary level that the market had tested prior to shoving to the red macro resistance levels. Now, after finding support on a major, macro level, we seem to be meandering upward into the immediate overhead black resistance. Upward drifts like this are often signs of weakening supply and a weakening resistance level.
If we manage to test and find support on the black level, it seems logical that the next step would be to test the level in the low $4,000s that has been rejected so many times previously. If we do see a rejection of our overhead level, we can fully expect a retest of the macro, blue support zone shown above. The consolidation has an upward tilt to it that is causing us to slowly grind through a macro resistance level that has seen three strong rejections over the last three months.
If we fail to break the overhead resistance and find support, we can expect a macro retest of the support level in the mid $3,000s.
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CN [too long; didn’t read]
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